News Column

HSN 4th-quarter net income rises 10 percent

February 20, 2014



ST. PETERSBURG, Fla. (AP) HSN Inc. said Thursday that its fourth-quarter net income rose 10 percent as average prices for its products rose and the rate of returns fell.

The company, which is based in St. Petersburg, Fla., sells products on television, online, through catalogs and in brick-and-mortar stores. It operates two segments, HSN and Cornerstone.

HSN said its net income rose to $61.6 million, or $1.14 per share, in the quarter that ended on Dec. 31. That compares with net income of $56.1 million, or $1 per share, in the same quarter a year before.

Adjusted to remove one-time charges, the company earned $1.11 per share. Analysts expected $1.09 per share, according to FactSet.

Revenue rose 4 percent, to $1.02 billion from $982.9 million, matching what analysts expected.

For 2013, the company reported net income of $178.4 million, or $3.25 per share, and revenue of $3.4 billion compared with net income of $130.7 million, or $2.25 per share, and revenue of $3.3 billion the year before.

HSN shares rose $1.22, or 2.2 percent, to $57.49 in morning trading.


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Source: Associated Press


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